Shamrock Holdings terminated its agreement to purchase AVP, Inc. today after a major shareholder indicated it would vote against the merger. The $37 million buyout would have given shareholders about $1.23 per share — barely above market value.

AVP has been struggling to turn a profit since Len Armato rebuilt the tour and took it public in 2001.

Net income:

• 01-02: -2.95M
• 02-03: -0.85M
• 03-04: -1.10M
• 2004: -2.87M (8 months)
  
• 2005: -8.96M
• 2006: -0.34M
• 2007 (Q2): -1.24M

Depending on how well the events do July-September, the AVP may yet show a profit in 2007. I'm guessing this would probably give it a significant boost in investor interest, especially with the 2008 Olympics less that a year away and American teams poised to do very well.

Despite the financial shortcomings, I think most folks would agree the tour is looking better than ever. The challenge now is to get the level of interest up. Hot scene in Top Gun 2?